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As borrowers know by now, interest rates have been on the increase in late May and early June of 2013. But let’s put it into perspective. The rates may no longer be at the lowest in history, but they are still at historically low levels. Borrowers should know that they…
People who want to purchase a second home have additional requirements to document that home's purpose. The rules are really quite specific. Borrowers wishing to purchase a 2nd home, a rental property or a non-owner occupied property will need to know what classifies homes as such. The rule of thumb…
Tuesday Jun 4, 2013

We're Producing Videos!

To best serve our customers and make the lending process as easy to understand as possible, we are filming some informational videos to explain some common questions!
It’s hard to image that bank statements can affect a mortgage loan, but they can.Verifying a borrower’s assets usually involves checking and savings accounts. For example if a borrower’s application says the borrower has $2500 in their bank account as assets, then the lender wants to see two months of…
A new national study just released shows that nearly 50% of homebuyers make the decision on which lender to finance their purchase, using their realtor’s recommendation. So instead of shopping around for a lender, homebuyers are influenced by their agent to use the lender of the realtor’s choice-- for better…
Tuesday Apr 16, 2013

Mortgage Updates and Tips

Things in the mortgage industry are always changing! Today, we have a quick overview of some recent changes and enhancements, and some tips. The first one: the “HARP-2” or Home Affordable Refinance Program was set to expire in December of this year but has now been extended until the end…
Fannie Mae just released a new study showing that many HARP -2 eligible borrowers have still not refinanced. The study wanted to know what has caused these borrowers to not take advantage of the HARP-2 program. The study found that perceived Costs, rigid loan terms, distrust of the lender or…
Thursday Mar 28, 2013

FHA Changes Ahead for Borrowers

The FHA loan continues to be one of the strongest mortgage loan programs on the market, but there are some big changes coming as of April 1st, 2013. The monthly mortgage insurance premium, also known as MIP, has been at 1.25% but after April 1st the rate will be increased…
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